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The oil market's taking notice that Hurricane Gustav could be the first major storm to wreak havoc with Gulf of Mexico oil production areas in several years, and it should be clear by the weekend just how serious that threat could be. "This could be the most significant storm in that area since Katrina and Rita" in 2005, said John Kilduff, M.F. Global senior vice president.

The Dow returned to a triple-digit decline as disappointing earnings from a trio of components dragged on the index, as did a disappointing jobless-claims report. The Nasdaq, however, got a boost from a bid for ImClone.

The Dow returned to a triple-digit decline as disappointing earnings from a trio of components dragged on the index, as did a disappointing jobless-claims report. The Nasdaq, however, got a boost from a bid for ImClone.

Futures dropped 10 points as jobless claims were higher than anticipated (448,000, the highest since Apr '03), while second quarter GDP, at 1.9 percent, was a bit below the expectations of 2.3 percentage growth.

Investors with an appetite for wildcat oil exploration plays can now thank - of all people - former Iraqi dictator Saddam Hussein. Because of his decades-long suppression of Kurds in northern Iraq, the region’s extensive petroleum reserves have gone untapped.